June 11, 2001 | News Releases on Social Security
WASHINGTON, June 11, 2001-With President Bush's Social Security Commission meeting today for the first time, The Heritage Foundation released the following statement from David C. John, its senior Social Security analyst:
"Charges that the president's commission is focused on privatization-that American retirees will be forced to 'go it alone' when deciding how to invest their money-miss the mark. Social Security Personal Retirement Accounts, or PRAs, would be voluntary, with investment options limited to secure, low-risk funds.
"Perhaps the best way to think of PRAs is as Social Security 'Part B,' working in tandem with traditional Social Security 'Part A.' Both would be integral parts of the same program. And while PRAs are indeed a large part of the solution, they are not the whole solution. Certain safeguards must be in place, such as guaranteed minimum benefits.
"The president's commission made one other crucial point today: Its members are interested in developing a workable solution to the looming financial insolvency facing the nation's premier New Deal program. Its final product will not be a jargon-filled opus suitable only for gathering dust on a shelf.
"I look forward to working with the commission over the next six months."